dagues, page-17

It would appear that the board knocked back the pure debt option. Not surprising as when a company like this goes into hock, even a short-term, relatively minor setback can send a company to the wall.

As I said before, the Bendigo assets won't realise much (or anything) in the way of free cash.

(Remember, UML got Henty - a working mine with all it's plant and machinery - for the princely sum of $5m plus $3m in shares plus royalties. People might point to the failed Catalyst buyout of Bendigo but the fact is it failed).

So the two options are a JV or a capital raising.

Re capital raisings, Andy's appearance at the upcoming Singapore and HK beauty pageants, suggest that the JV is being considered.

Personally, I'd prefer a JV and as along as UML retained 51% or more of the project, it would still be in a position to defend itself against opportunistic takeover bids.

I realise that a lot of people would disagree with me on this matter but given the numerous missed planning deadlines and the diminishing cash balance of the company, I don't see an independent build as being an option.

That might sound a bit pessimistic BM but I don't mean it to be. I reckon this company could kick some major goals and unlike others here, I'm still excited by Goldstone's prospects.

I'll shut-up now and rejoin the conversation when the company makes a meaningful announcement.

Good luck all.